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Suez Canal Bank cuts stake in Mohandes Insurance for EGP 33m

Suez Canal Bank cuts stake in Mohandes Insurance for EGP 33m
The transaction involved the sale of 2.29 million shares
Suez Canal Bank
CANA
-1.20% 9.87 -0.12
Mohandes Insurance
MOIN
-2.88% 15.20 -0.45

Cairo – Mubasher: Suez Canal Bank reduced its stake in Mohandes Insurance to 0.00007% from 3.06%.

The transaction involved the sale of 2.29 million shares for EGP 33.33 million, averaging EGP 14.55 per share, according to a statement to the Egyptian Exchange (EGX) on Thursday.

In a separate statement, it is disclosed that the Insurance Fund of Suez Canal Authority Employees raised its stake in Mohandes Insurance to 9.99% from 6.94% for EGP 33.33 million.

During the first half (H1) of fiscal year 2020/2021, the insurer achieved net profits of EGP 69.43 million, compared to EGP 72.36 million in the year-ago period.

The company’s revenues retreated to EGP 79.88 million in the July-December period of 2020 from EGP 94.5 million in the corresponding period a year earlier.